The Federal Government of Nigeria has stated that urgent step has to be taken to address the continuous rise in the prices of food and other commodities across the country.

Minister of Finance and Coordinating Minister of the Economy, Olawale Edun spoke in acknowledgment of the widespread growing discontent among the citizenry who are grappling under the weight of the forces of demand and supply of foodstuffs.

The minister was addressing a bilateral meeting in Abuja on Monday that had in attendance the visiting German delegation led by the country’s Minister of Economic Cooperation and Development (BMZ), Svenja Schulze.

Nigerian Minister of Finance and Coordinating Minister of the Economy, Edun said the only way to address the situation was to boost agricultural production to force down inflation.

“I think the issue of rising prices is of concern to the government and everybody in Nigeria.
It is the issue of demand and supply and a lot of emphasis has been placed on increasing agricultural production, in particular.

“The president has intervened in that sector to provide grain, and fertilizers to farmers and to bring additional acreage, rice, wheat, maize, and cassava – to increase the output and thereby bring down prices and that will help bring down inflation.

“And, of course, we are in the middle of the dry season farming and we are looking forward to a good dry season harvest that will ameliorate price, in particular, and the price level in Nigeria, in general.”